Overall Concepts/Definitions Flashcards
What are the 4 ownership types
SECJ
- Severalty
- Entireties
- Common
- Joint
An ___________ allows the holder of one property to benefit from another’s.
Easement appurtenant
The burdened party in an easement
Servient Tenement
A metes-and -bounds legal description _____________.
must commence and finish at the same identifable point
The illegal and discriminatory practice of _____________ occurs when one person induces another to enter into a real estate transaction by insinuating that the real property values in neighborhood will decline as a result of a member of a protected class buying property in that neighborho
blockbusting
_______purpose is to protect the health, saftey and welfare of the community
Police Power
_______secured by a specific piece of property
Specific Lien
________secured by collective assets of debtor
General Lien
A __________is what the brokerage firm has left after licensee commissions have been paid
company dollar
A broker collects a non-refundable fee from the seller when the listing is signed to cover the advertising of the property for sale. Such a fee is called an _______ and is considered trust funds.
advance fee
What is the name of the lender in a three-party security instrument that hypothecates real estate?
Beneficiary
A portion of a township in the rectangular survey system, which is a square with mile-long sides, is called a:
Section
While both sections and townships are used in the rectangular survey system, a _________ is the portion under the system that is a square with mile-long sides.
Section
A section is how many square miles?
1 square mile
To have an outstanding debt satisfied through the sale of a debtor’s property, which of the following legal elements may be required?
Writ of Execution
__________refers to the now illegal practice of lenders to refuse to write loans on properties in certain neighborhoods.
Redlining
One square mile = ________ Acres
640
A lease that goes from month to month is known as ________
an estate from period to period
A point, line, or surface from which elevations are measured is known as the:
datum
The system established in 1785 by the U.S. government, which describes land with principal meridians and base lines, is called:
rectangular survey system
When a listing on a residential property is signed, which type of agency relationship is usually created?
Special Agency
A ___________ is a court-ordered document and would not only be enforced in the event of a forced sale, it is often the reason behind it
judgement
A loan company was referring loan applicants to a particular insurance company, which in turn paid the loan company a referral fee. This is
illegal, since the Real Estate Settlement Procedures Act prohibits kickbacks.
Real Estate Settlement Procedures Act prohibits _________
kickbacks
